On October 5, 2012, Montpelier Re Holdings Ltd. (the "Company") issued $300,000,000 aggregate principal amount of 4.70% Senior Notes due 2022 (the "2022 Notes") pursuant to an indenture (the "Base Indenture"), dated as of July 15, 2003, between the Company and The Bank of New York Mellon, as trustee (the "Trustee"), as supplemented by a second supplemental indenture, dated as of October 5, 2012, between the Company and the Trustee. The 2022 Notes will mature on October 15, 2022, and will bear interest at the rate of 4.70% per annum. Interest on the 2022 Notes is payable on April 15 and October 15 of each year, beginning on April 15, 2013. The Company may redeem the 2022 Notes at any time, in whole or in part, at a "make-whole" redemption price, plus accrued and unpaid interest. The 2022 Notes are subject to customary events of default, including non-payment of principal or interest, breach of covenants and certain insolvency matters (subject in certain cases to cure periods).

The foregoing summary of the 2022 Notes does not purport to be complete and is qualified in its entirety by reference to the complete terms of the 2022 Notes. The 2022 Notes have been registered under the Securities Act of 1933, as amended (the "Act"), under the Registration Statement on Form S-3ASR (Registration No. 333-182016) which became effective June 8, 2012. On October 2, 2012, the Company filed with the Securities and Exchange Commission (the "Commission"), pursuant to Rule 424(b)(5) under the Act, its preliminary Prospectus Supplement, dated October 2, 2012, pertaining to the public offering and sale of the 2022 Notes. On October 3, 2012, the Company filed with the Commission, pursuant to Rule 424(b)(2) of the Act, its final Prospectus Supplement, dated October 2, 2012, pertaining to the public offering and sale of the 2022 Notes.

As previously disclosed, the Company intends to use a portion of the net proceeds from the offering of the 2022 Notes to redeem its outstanding 6.125% Senior Notes due 2013 (the "2013 Notes"), issued pursuant to the Base Indenture, as supplemented by the first supplement indenture, dated as of July 30, 2003, between the Company and the Trustee. On October 5, 2012, the Company caused a notice of redemption to be made in order to redeem all of its outstanding 2013 Notes. As indicated in the notice of redemption, the Company intends to redeem the 2013 Notes, pursuant to the optional redemption provision of the 2013 Notes, on November 5, 2012.

(d) Exhibits

4.1    Second Supplemental Indenture, dated as of October 5, 2012, between
       Montpelier Re Holdings Ltd. and The Bank of New York Mellon, as trustee.

4.2    Form of 4.70% Senior Note due 2022.

5.1    Opinion of Appleby (Bermuda) Limited.

5.2    Opinion of Cravath, Swaine & Moore LLP.

23.1   Consent of Appleby (Bermuda) Limited (contained in Exhibit 5.1).

23.2   Consent of Cravath, Swaine & Moore LLP (contained in Exhibit 5.2).